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Capital Markets
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August 28, 2024
Businessman Can't Force $1B Gramercy Suit Into Arbitration
A Wyoming federal judge has ruled that Gramercy Funds Management will not have to arbitrate its racketeering lawsuit accusing a Ukrainian businessman of fraudulently transferring more than a billion dollars from his agricultural business, a debtor of the Connecticut-based hedge fund.
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August 28, 2024
BofA Hit With Suit Alleging 'Exploitative' Trust Insurance Costs
A trust beneficiary accused Bank of America in Georgia federal court of charging a trust it manages "unnecessarily expensive" insurance coverage for a residential property, arguing the bank breached its duties both as a trustee and a fiduciary.
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August 28, 2024
Billionaire Vik Says Deutsche Bank's 'Harassment' Must End
Deutsche Bank AG's Connecticut state court lawsuit against billionaire Alexander Vik and his daughter is a doomed effort to relitigate issues that were already decided in a 2013 case that likewise sprang from the bank's global legal battle to collect a $243 million foreign judgment, the defendants said in seeking an early win.
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August 28, 2024
Conn. Investment Firm Withheld Pay, Commissions, Suit Says
Six former employees of Connecticut investment advisory firm Excel Wealth Management LLC have sued the company and its members in state court seeking hourly wages or commissions they claimed they were never paid, with some alleging they were terminated for speaking out about their compensation.
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August 28, 2024
SEC Omits 'Swing Pricing' Plan From Fund Disclosure Rules
A divided U.S. Securities and Exchange Commission on Wednesday agreed to require more detailed and frequent disclosures from mutual funds, though regulators dropped plans — at least for now — to implement a controversial "swing pricing" provision.
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August 28, 2024
Farella Braun Can Pursue Unpaid SVB Fees From FDIC
Farella Braun & Martel LLP can go after the Federal Deposit Insurance Corp. for $49,000 in legal fees owed by Silicon Valley Bank's parent after the agency was appointed as the bank's receiver, a California federal judge ruled Wednesday.
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August 28, 2024
Greenberg Traurig Builds PE Team With Kirkland Hires
Greenberg Traurig LLP has brought on two fund formation partners from Kirkland & Ellis LLP to continue its growth into the private equity space, according to an announcement this week by the firm.
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August 28, 2024
Latham Leads Entertainment-Focused SPAC's $150M Offering
Shares of special purpose acquisition company Black Spade Acquisition II Co., which plans to seek a merger target in the entertainment, lifestyle or technology industries, began trading on the Nasdaq on Wednesday following the company's $150 million initial public offering.
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August 27, 2024
Wells Fargo Says 'Good Faith' Efforts Ax Investors' Bias Suit
Wells Fargo & Co. urged a California federal judge Tuesday to toss a derivative lawsuit filed by a putative class of shareholders claiming the bank's board of directors failed to address its discriminatory lending and hiring practices, saying there's evidence of "good-faith" efforts to monitor compliance in those areas.
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August 27, 2024
Exec To Pay SEC $190K Over Macquarie Insider Trading Claim
The U.S. Securities and Exchange Commission says a New York man who used inside information he learned as a Macquarie Group investor relations executive to profit from a then-pending deal to sell its airport services business to KKR & Co. has agreed to pay nearly $190,000 to settle the agency's claims that he violated securities laws.
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August 27, 2024
Electric Jet Co. Grounds Investor Suit Over SPAC Disclosures
Investors in German aerospace company Lilium have failed to adequately allege that the company lied about its electric jet production efforts as it went through a $3.3 billion go-public merger with a special purpose acquisition company, a Florida federal judge determined in permanently tossing the suit.
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August 27, 2024
CFTC Fines TOTSA $48M Over Market Manipulation Attempts
Swiss energy trader TOTSA will pay $48 million for allegedly trying to manipulate the market for futures contracts linked to a type of refined gas mainly used in automobiles in Europe, the Commodity Futures Trading Commission announced Tuesday, with one commissioner dissenting over "flimsy evidence that is speculative and circumstantial."
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August 27, 2024
SEC Cites Amazon's FTC Loss In Coinbase Document Dispute
The U.S. Securities and Exchange Commission on Tuesday told a New York federal judge that a recent ruling denying Amazon's request to review internal documents from the Federal Trade Commission bolsters its own bid to shield internal communications in its enforcement suit against crypto exchange Coinbase.
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August 27, 2024
Self-Driving Truck Co. Inks $189M Deal To End Investor Suit
Self-driving trucking company TuSimple Holdings Inc. has agreed to pay $189 million to settle a class action lawsuit alleging it misled investors about its safety record and payments to a Chinese rival that opened it up to U.S. government investigations, according to a filing in California federal court.
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August 27, 2024
Deutsche Bank, Rabo Beat Antitrust Suit Over Euro Bonds
A New York federal judge has tossed an antitrust suit against Deutsche Bank AG and Rabo Securities USA, alleging they conspired to fix the price of European government-issued euro-dominated bonds sold throughout the U.S. between 2005 and 2016, saying the plaintiffs lack standing.
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August 27, 2024
Del. Court Nixes Trump Media Contempt Bid In Share Suit
A Delaware vice chancellor declined on Tuesday to find Donald Trump's social media venture in contempt for suing in Florida to block the release of two Trump Media & Technology Group founders' shares, while the same founders are battling for the stock in the Court of Chancery.
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August 27, 2024
NFL Union Sues DraftKings Over Broken NFT Licensing Deal
The NFL Players Association has accused DraftKings Inc. of failing to make good on a licensing agreement when the online sportsbook decided to cease payments after shuttering its nonfungible token marketplace in the wake of a civil suit that argued DraftKings' NFTs offended securities laws.
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August 27, 2024
New Jersey Man Gets 3 Years In Prison For Forex Fraud
A New Jersey man deemed a "modern day snake oil salesman" by Philadelphia's top federal prosecutor has been sentenced to just over three years in prison for defrauding hundreds of investors out of more than $500,000.
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August 27, 2024
Treasury Asked To Scrap Stock Buyback Tax's Funding Rule
Business groups urged the U.S. Treasury Department on Tuesday to remove what's known as the funding rule in forthcoming final regulations on the stock buyback tax, saying the provision would go beyond Congress' intentions for the levy, which aims to deter companies from giving outsize rewards to shareholders.
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August 27, 2024
Nasdaq Seeks SEC's Green Light To Launch Bitcoin Options
The Nasdaq stock exchange said Tuesday it is seeking regulatory approval to allow the listing of an options tool that tracks the price of bitcoin, a move designed to expand institutional and retail trading of cryptocurrency-related assets.
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August 27, 2024
3 Firms Build $314M Events.com SPAC Merger
Event management platform Events.com plans to go public by merging with Concord Acquisition Corp. II at an estimated $314 million value, both parties announced on Tuesday, through a deal guided by three law firms.
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August 27, 2024
Duane Morris Hires Ex-Dickinson Wright Fintech Expert
A former financial institutions mergers and acquisitions and regulatory enforcement partner from Dickinson Wright PLLC who also has experience at the Federal Reserve Bank has joined Duane Morris LLP's corporate practice group in Chicago.
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August 26, 2024
SEC Inks $946K Settlement In Unregistered Broker Case
A trust and its co-owners have agreed to pay the U.S. Securities and Exchange Commission civil penalties totaling $946,000 to resolve allegations they operated as unregistered broker-dealers when helping to facilitate more than $1.2 billion in securities transactions by penny stock issuers.
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August 26, 2024
SEC Fines Sound Point $1.8M Over Nonpublic Info Oversight
The U.S. Securities and Exchange Commission announced Monday that private fund adviser Sound Point Capital Management LP will pay $1.8 million to settle charges that it failed to prevent the misuse of nonpublic information in certain collateralized loan trades.
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August 26, 2024
Zillow Investors Gain Class Cert. In Suit Over Home-Flipping
A Washington federal judge has certified a proposed class of investors suing Zillow, alleging they were misled about the performance of the real estate marketplace's home-flipping program, and has appointed two firms as lead and local counsel.
Expert Analysis
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How Corner Post Affects Enviro Laws' Statutes Of Limitations
The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Loper Fuels Debate Over Merchant Cash Advances As Credit
The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.